In a surprise move for gold miners, Bank of America recently announced it had lifted its 18-month gold price to US$3,000 an ounce. Given that the yellow metal started the year at just over US$1,519 and is selling for US$1,708 an ounce, this is a surprising statement.Whether gold will climb to that high, which is more than US$1,000 greater than its all-time record price, is yet to be seen. It will...Read More
Late last week, the Bank of America made a bold call: $3,000 gold. At this price, gold would have to fly through the all-time high of $1,921/oz set back in September of 2011. According to the analysts, investors will look to gold “…as economic output contracts sharply, fiscal outlays surge, and central bank balance sheets double, fiat currencies could come under pressure.”...Read More
MAG said it would offer about 4.5 million shares to Sprott's 2176423 Ontario Ltd priced at $13.25. "We understand this is Mr.Read More
Share this articleTORONTO - The prime minister of Papua New Guinea is threatening to take over a gold mine operated by Barrick Gold Corp. after operations were suspended there last weekend in the midst of a dispute over renewal of its mining lease.In a social media post, Prime Minister James Marape warns Barrick "don't fight me" as he urges the company to maintain the Pogera mining operation...Read More
The word "quarantine" comes from the Italian words quaranta giorni which mean "40 days." In the 14th century, in an effort to protect citizens from the Black Death, the Doge of Venice required suspect ships to sit at anchor for 40 days before landing.There is no record of whether the term of 40 days was due to the disease burning out or if it was the length of time people would sit before rebellin...Read More
With its Cobre Panama mine on care and maintenance since April 7, First Quantum Minerals (TSX: FM) has reduced its copper guidance for the year by 75,000 tonnes to 755,000-805,000 tonnes, with expected gold production falling by 30,000 oz. to 250-270,000 ounces. The forecast depends on officials allowing Cobre Panama to reopen by the end of May, with normal production levels being achieved in late...Read More
This week's episode features Canadian Mining Journal editor-in-chief Alisha Hiyate, who discusses her experience at the Prospectors and Developers Association of Canada (PDAC) conference, as well as how the mining industry is adjusting to the COVID-19 pandemic. She also explains how the diamond industry is being negatively impacted by the breakdown in the supply chain, particularly in regard to th...Read More
The U.S. Department of Energy recently released a roadmap for rebuilding the country's nuclear energy sector, including commitments to bolster domestic production of uranium, increase its enrichment as a fuel source and expand the export market for nuclear technologies.U.S. Secretary of Energy Dan Brouillette unveiled the strategy on April 23. The report: Strategy to Restore American Nuclear Energ...Read More
Peruvian copper mine Antamina, owned by BHP (NYSE: BHP; LSE: BHP) and Glencore (LSE: GLEN), has reported 210 positive cases of coronavirus and said the date to restart operations is still uncertain.One of the largest copper-zinc mines in the world, Antamina produced 101 million tonnes of copper in 2019.The announcement on April 27 comes after six workers at Fortuna Silver Mines' (NYSE: FSM) Cayllo...Read More
Governments around the world have implemented strict measures to help ‘flatten the curve', which had resulted in widespread operational shutdowns that had battered the global economy, and by extension, Caterpillar's financial results. And the worst is still expected to come.The Deerfield, Illinois-based company has cautioned that its second quarter would be "more significantly impacted by CO...Read More
Strengths? The best performing metal this week was gold, up 2.78 percent. ETFs added 36,334 troy ounces of gold to their holdings on Thursday, bringing this year's net purchases to 12.2 million ounces, according to Bloomberg data. That marks the 24th straight day of increases for ETFs backed by the yellow metal. Newmont, the world's largest gold company, increased its quarterly d...Read More
No one anticipated negative crude oil even in the wildest of the dreams. A whooping negative -$40.32 was historic. The coming generations will have a chapter in their MBA course as to why crude oil prices reached -$40.32. The trading lesson is simple, when price move as per fundamentals, never trade against it. Silver has not risen as it is an industrial metal. Investment demand for silver lags...Read More
Barrick Gold Corp. says it will pursue all legal avenues to prevent what it's calling theRead full newsRead More
The International Renewable Energy Agency has unveiled an incredibly ambitious plan to restart the world economy by a massive $110 trillion stimulus package that would create 50 million jobs, only the odds of it becoming reality are very slimRead full newsRead More
In light of recent guidance revisions and the wider collapse in drilling and completion activity in Western Canada, Rystad Energy now expects total 2020 Canadian upstream spending to fall below C$21 billion. This represents a 41% year-over-year decline, with reductions in shale and oil sands accounting for more than 80% of the decrease.Read full newsRead More
In light of recent guidance revisions and the wider collapse in drilling and completion activity in Western Canada, Rystad Energy now expects total 2020 Canadian upstream spending to fall below C$21 billion. This represents a 41% year-over-year decline, with reductions in shale and oil sands accounting for more than 80% of the decrease.Read full newsRead More
If the boredom has well and truly set in after weeks of travel restrictions and social distancing, you could always join metal traders in a game of lockdown lottery.Read full newsRead More
(Corrects GMT time from 0200 to 0100)Read full newsRead More
VANCOUVER, British Columbia and TORONTO, April27, 2020(GLOBE NEWSWIRE) -- Silvercorp Metals Inc. ("Silvercorp") (TSX/NYSE American: SVM) and Guyana...Read full newsRead More
Cryptocurrencies have been making a comeback over the past few weeks, but does the rally have staying power? The CEO of a Canadian-listed cryptocurrency-focused investment firm seems to be betting that bitcoin and blockchain are poised for better days ahead. Canadian Insider Club Ultra members can watch the video summary below. Watching institutional interest If you are not a member, join us a...Read More